holding time on pre-for sub to

[joseph44]

Hi everyone,
I'm rec a phone call from an older lady (widow)who said she just rec. a letter
from her lender next month she will be 2 months behind.She is scared she can
not afford her home I tried to get a l/o on it 4 months ago but she wanted all
cash so she said no.I can bring her current have her sign the deed to me but
my problem is once I would take control of the property how long do you have till the 1st payment comes due?I don't want to make payments to any
bank and the way the market has taken a dive i'm not sure if I can flip to a
new buyer or tenant/buyer in a short period of time THEN WHAT??Thanks I
really appreciate all your advice.Have a great wk/nd!!

[Jim FL]

Joseph44,
It's hard to guide you without numbers and details about the deal.
The thing is, yes, the market is slow, just about everywhere.
This means for us, its a buyers market.
Pricing houses lower than others for sale, and making them nicer than others, seems to be the only way to move things in a somewhat faster pace than the current market seems to be moving at.
Even with lease options, and other terms being offered to buyers, houses are moving slow.
We currently have 8 houses for sale, some with terms, some without, but ALL priced below TODAYS value........and they are still not moving real well.


As to your question 'how long do I have until the first payment is due?'.
Well........since the seller is behind already, unless they can bring it current, sounds like you need to make payments right away.......to avoid foreclosure.
You certainly might be able to get a buyer, and use their money to make the deal right itself, and pay you something upfront.
Again though, without the numbers, its hard to sell.

So, share more, and we'll see if we can help.

Take care,
Jim FL

[Burke]

I can bring her current have her sign the deed to me but my problem is once I would take control of the property how long do you have till the 1st payment comes due?

If I am understanding your question, once you bring her back payments current, my assumption is that the next payment will be due from you the same date it is due from the seller. I don't see any reason why the bank would change the payment schedule on a sub2 deal unless maybe you (or the current owner) ask them to at the time you bring it current. Not sure how negotiable they would be at that time though.

Ask your seller what day her next payment is due and you should have your answer.

Someone please correct me if I am wrong.